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american. >> senator rubio weighing in on the fiscal cliff debate and the idea of raising tax rates for the wealthy saying we need to make poor people richer, not rich people poorer. soledad. >> that's the kind of thinking that will get you votes, right? >> all right. thanks, zoraida. >> new york city police could be close to charging a suspect in that fatal subway push. they say a man is now being questioned and has implicated himself in this case. a front page "new york post" photo has become the source of a lot of controversy. it shows the victim desperately trying to climb up from the tracks as the train approaches. this morning we're hearing that the photographer has said some things in his own defense. cnn's mary snow has more on this report. >> [ bleep ] alone. take your [ bleep ] over there. >> reporter: why exactly these men were fighting is unclear. but moments after this video obtained by the new york police was record 58-year-old ki-suck han whose face is obscured, was pushed on to the tracks, police say, by the man yelling at him. subway barreling through the station ki
cliff. at least let's fix the fiscal cliff and make sure that american families aren't faced with possible larger tax bills come january. >> wouldn't it just make you feel better if you didn't feel that the real reason we're goeng to get a fiscal cliff resolution, whether tas little tinkering or something bigger wasn't because they wanted to be home for christmas. >> i certainly don't think they should go home before the situation is resolved, but i also think when you're looking at what kind of congress you want, you want a responsive congress, rooted in american communities, not inside the beltway. >> you would want mondays and fridays off, too, and you're trying to make the argument. >> americans want their leaders to work, period. >> thanks to both of you. "outfront" next, breaking news. the billionaire software tycoon is on the run and martin savidge just literally caught him. he was running. he's going join us with that right after this. he's getting it ready for you at this instant and it's going to be a lot harder to spot the things that spot you because we've got dro
out any minute. we're going to be live at the supreme court. and could going over the fiscal cliff actually be the fiscally smart move? a deep dive into what a cliff dive means for washington and millions of american families. but first, a look ahead at the president's schedule today. a public speech today at the threat reduction symposium. some interesting remarks about dick lugar, i'm sure. also more about nuclear proliferation. perhaps iran. should be interesting, an interesting speech to watch and read. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. bp has paid overthe people of bp twenty-threeitment to the gulf. billion dollars by december 22nd to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest mo
the greek fiscal cliff. we have our own and people here say we could be the next greece. how does that make you feel when you hear that kind of talk from american politicians, american business people, american citizens? >> extremely worrisome because you represent 25% of the global economy whereas greece, which wasn't the cause of the european crisis, only represents 2% of the european gdp. so if you guys were to actually have such deep problems, then it would mean problems for everyone globally and no one would want that. i'm sure that you'll be able to find the right solution by the end of december. >> let us hope. mr. michalos, thank you very much. sue? >>> thank you, ty. two big winners in that $587 million record powerball lottery. but how much do you really need to earn to make you happy? the answer may surprise you. >>> and before you fill up your tank with gas, listen up. aaa is warning regulators to stop sales of a certain type of fuel at the pump because it could damage your car and void your car warrantee. details on that when "power" resumes in two minutes. ♪ [ male announcer
to the american people to travel to be there in front of real folks to make his case for avoiding the fiscal cliff and also his treasury secretary as well going up on the hill talking to members of congress essentially putting forward his plan that would require tax hikes for the wealthiest americans. it is something that republicans are not pleased with. we expect republicans' response very soon. we're iffing to bring that to you live. if you would like to continue listening to the speech, go to cmn.com/live and continue to listen to the president. up next we are also focussing on another story. each year thousands of young british girls lured into a world of sex abuse. we're going to take a look at how predators, they're using gifts, alcohol, social media to gain the trust of their victims. [ woman ] ring. ring. progresso. i just finished a bowl of your new light chicken pot pie soup and it's so rich and creamy... is it really 100 calories? let me put you on webcan... ...lean roasted chicken... and a creamy broth mmm i can still see you. [ male announcer ] progresso. you gotta taste this soup. b
the original picture. >>> turning to other offensive things. the fiscal cliff, which is beginning to be one of the great crashing bores in the history of world publics. you're three bright americans all involved in politics, in some way or form. the rest of the world finds this, not only laughable, but almost dangerously laughable, that year in, year out, it seems, washington goes to these cliffs. plays games, doesn't get deals done. what the hell is wrong with american politicians? alan dershowitz, what is wrong with american politicians? why can't they get around a table and negotiate properly? >> because all they care about is getting elected. nobody cares deeply about the future of america. we have america to urge with the israelis to negotiate with the palestinians. urging to negotiate with everyone but us in washington. we don't negotiate. our parties are so extreme. i'm a relatively wealthy person. i want to be paying more taxes. i want our taxes to go to serve the policies of the country, education, charity, health care. i think that president obama's right about this. but i think c
was one of those days, show a lot of americans don't even know about the fiscal cliff. paychecks are going to go down, a million layoffs in the defense industry. no one seems to care right now. it's bad. >> you know what we have going for us? the grid, december 17 announced -- on a seasonal basis, they have reiterated once again that it doesn't have the demand to be sold year round, but starting a week from monday. >> i don't buy that. i think they do it because whenever they have mcrib, they're just fighting traffic for mcrib. there are places in the world where the mcrib is on the menu all the time. in case you're there on your vacation. >> i'm learning here all the time. i'm always learning. >> switch from the bacon cheese-inator. [ bell rings ] . >> celebrating the ground breaking of hotels in new york. we'll be speaking to the ceo in this hour. >> whitehorse is an interesting story. >> white house, delayed over at the nasdaq, the new york stock exchange puts out a release reiterating 16 companies have announced or moved to the big board so for this year. you're starting to wonder who
solution to avoid the fiscal cliff. take a look at an abc news washington post poll that shows 60% of americans support upper income americans having their taxes raised. 37% oppose it. on issue of reducing deductions, 44% support that. 49% oppose it. much like lawmakers they realize there is a big problem that needs to be fixed but divided on how to fix it. >> in addition to the goings on in the capitol there is a big lunch at the white house today. governor romney coming by for a bite to eat. a lot of speculation about what might be discussed at the meal and the possibility of maybe future job? >> jay carney pushed back on that yesterday. the president said there was no suggestion here that he had a special assignment for him. the president invited mitt romney to come to the white house because he wanted to talk about moving the country forward. the president pointed out that out there on the campaign trail mitt romney had good ideas. he wanted to talk to him about that. not necessarily partisan ideas but ideas like job creation for the middle class. the president pointed to mitt
of a deal, headed up. and the fallout from the fiscal cliff could put even more pressure on unemployed americans, or those just trying to keep up with house payments. except more ups and downs for your investments ahead, but not so much because of big numbers out this week, among them, an important reading on manufacturing tomorrow, and then, what is often the biggest market mover of any month, the jobs report. november's release before the bell on friday. the cliff will likely overshadow even that. and with tax increases looming on capital gains and dividends, investors may start selling before the end of the year to get the better deal if there is no deal. that means, december may not live up to its history of heading higher and leave many questions about what the new year will mean for your bottom line. harris, back to you. >> brenda, thank you very much. >> and a fox news weather alert. people in parts of northern california and the pacific northwest dealing with dangerous amounts of rain. las of storms batthering the same region for days now, causing flooding. well, look at this
the fiscal cliff. in another meeting with middle-class americans, president obama said he believes the framework for a deal could be in place before christmas. >> and i'll go anywhere, and i'll do whatever it takes to get this done. it's too important for washington to screw this up. now's the time for us to work on what we all agree to, which is let's keep middle-class taxes low. that's what our economy needs. that's what the american people deserve. >> white house also turning to social media has a twitter hash tag to spread its message. >> today i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress. write them an e-mail, post it on their facebook walls. you can tweet it using the hash tag #my2k. not y2k, my2k. >> i think that's going to push us into the promised land. >> i was incredibly encouraged. i had been depressed and then i said this could actually get done with a hash tag. >> you're very p
house averts the fiscal cliff. millions of americans are not finding this partisan fighting so funny. [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. buy now. save later. we create easy-to-use, powerful trading tools for all. look at these streaming charts! they're totally customizable and they let you visualize what might happen next. that's genius! we knew you needed a platform that could really help you elevate your trading. so we built it. chances of making this? it's a lot easier to find out if a trade is potentially profitable. just use our trade & probability calculator and there it is. for all the reasons you trade options - from income to risk manageme
the impact of a tax increase for 98% of americans if a deal the on the fiscal cliff is not reefed. while negotiations appear to be at a standstill, we know president obama and house speaker john boehner finally spoke by phone yesterday. the first conversation in a week. we don't know what they talked about or how long they spoke, because both men agreed to keep details of the conversation between the two of them. meanti meantime, democrats are digging in heels saying no deem if republicans refuse to let go of tax cuts for the wealthy. >> it's really time for republicans to face reality. i would hope the house of representatives would look closely at what's going on with senators coming out saying please, mr. speaker, do something about protecting the middle class. >> and it appears house republicans are also ready, at least some of them, to give he house speaker boehner more flexibility. "the washington post" reports, quote, many gop centrists and some conservatives call on the house speaker to concede on rates now while he still has some leverage
factory, your company to make his fiscal cliff case? >> tyler, think it is because we are the american story. we're proof that a person with a good idea can convince retailers around the world and kids around the world to play with that idea for the last 20 years we've made over 31 billion parts. made millions of kids happy. i think because of that and because of the fact that we're making it here, the president's been talking about made in the usa since at least the state of the union and as part of his advanced manufacturing initiative which we certainly support. for all those reasons and because we believe in the entrepreneurial spirit of america and that we're the most productive and entrepreneurial country on earth. >> now remind me briefly, michael, if you will, the sort of chronology. you were making these toys in china and then chose to bring them back here for manufacturing. why? >> actually did, yes. as many companies did over the last 30 years, shifted things over to china because they thought it was cheaper. but as we looked at ourselves, the depth of the great recession in
but there's a big difference between this fiscal cliff and the full faith and credit of the united states. the american government has never defaulted on its debt. and now there are some, not the majority of republicans but some on the extreme of the republican party and they seem to be in control, who seem to want to default on our debt. that's crazy. if they cannot be entrusted with the full faith and credit of the united states, they should not have that leverage. >> paul, where were the overtures though? where were the overtures with this deal that was presented? i mean, listen, you don't have to be mensa to know delivering a deal like that was going to make mitch mcconnell laugh. where were the overtures for the democrats? >> first of all, it is an overture, the deal itself. the proposal. it's not the deal, it's the proposal. the republicans have not come with a counter proposal. why? they seem to be intent on falling on their sword for the 2% of the wealthiest americans, many of whom themselves are happy to pay a slightly higher rate the way we did when president clinton was preside
'm disappointed in what's happened over the last couple of weeks. the fiscal cliff is a serious business and i'm here seriously trying to resolve it and i would hope the white house would get serious as well. >> welcome tt colonel, editorial report, i'm paul gigot, not a meeting of the minds between president obama and house speaker john boehner where talks to end the fiscal showdown ends. the president for his park took his place for the public and called for america and little cuts to entitlement spending something the speaker says must be part of any final deal. wall street journal columnist and dan henninger, and mary an anna-- anastasia o'grady and kim strassel. you've been talking it it sources and is the mood as hour as it sounds. >> it is by the end of this week and here is why, the republicans came out right after the election and said to the president, you want revenue here. you want revenue on the wealthy, we'll give it to you, limiting tax deductions for the wealthy. the president instead of taking that and running with tceiling a deal has been campaigning for tax hikes and to cap
like spoiled children in the fiscal cliff discussions. only 28% said they would behave like responsible adults. tonight, signs that maybe some adult behavior might be prevail. and a compromise might be reached. joining me now, dana bash, jessica yellin, and david gergen. what's the latest? >> reporter: they are a long way from a deal. but late today speaker boehner and president obama did speak to one another on the phone. now, this is an important development because it's the first time they've talked in a week about the fiscal cliff. i am told, though, that there was no real progress in negotiations. in this sense there was no breakthrough on that central point of tax rates. as you know, president obama insists there is no deal unless the gop agrees to raise rates on the top 2% of earners. the gop says that's a nonstarter. and the two men have not moved from that basic position. now, all of this comes at the same time treasury secretary geithner also said for the first time the administration would be willing to go over the fiscal cliff if the gop does not agree to raise those rates.
over the fiscal cliff full tilt, either way, you will have a recession and president obama's second term starts on a very negative note for the american economy. >> you put your finger on the problem. the point of having these fiscal cliff negotiations is to avoid what could lead to a recession, to avoid a calamity. the proposal your putting forward leaves you with an even worse position than you are now, what is the purpose of this? stuart: stay there for a second. i want to get the company's opinion on the raising of the debt ceiling. it is and abolition of the debt ceiling so the president and borrow whatever he wants without congressional authority. >> extraordinary power grab like we haven't seen in a long time. washington d.c. has been in bubble bland. we are in a government bubble. washington d.c. is disconnected from the reality of real-estate going up but the issue is washington d.c. things we are on the dot dog, or housing bubble from the bubbles stretching back to the 90s. we are no longer there. stuart: i am frightened by no debt ceiling and a person has the authority, w
to avert the fiscal cliff. coming up next, i'll talk with a hard-line conservative and let's ask him if he supports his party's proposal. congressman tom price is standing by. but first, as americans worry about what happens after the first of next year, cnn is giving you free advice about your savings account. >>> here on the help desk, we're talking about putting your money to work. with me this hour are greg olson and carmen wong ulrich. tova had a question about her savings. >> it is earning dreadfully low interest for numerous years. and is there anywhere that i can put my money that it's going to do any better? >> and that's going to be like that for a while with the fed doing its thing, right? >> absolutely. i don't think this is a bad thing. if this is your cash emergency savings that you cannot risk, basically what you're paying is very small opportunity cost. like insurance. so let's say you're earning 1% on your savings, right, inflation is eating away at it a little bit. it is certainly a lot lower than having to go into credit card debt because you no cash on hand. you want to
the responsible thing and that the sequestration, the fiscal cliff the responsible thin wouldn't happen but if we don't get from the american people, if they don't call their congress person, whether they are republican or democrat and tell us to move off the dime and get the job done, we call --. >>eric: what happens in what happens? i tell you what happens. all you guys on washington pat each other on the back and say we didn't go off the fiscal cliff and the debt goes from $16 trillion to $20 trillion a couple years down the road to $25 trillion. nothing changes in washington, dc. you tax. you still spend. maybe it is time to take the medicine congressman and go over the fiscal cliff and fix the problem. >>guest: there is no fiscal cliff. there is a fiscal slope. the earth doesn't stop spinning, the sun will come up, the moon will come up and we will have to do things in john. taxes will go up and the democratic party and hopefully some responsible republicans will vote to make certain that we remove this tax cut that would take place. >>eric: no talk about responsible democrats to stop spendi
about the president who is going to take to social media this afternoon to talk about the fiscal cliff. what's he going to do? >> reporter: i think he's just going to engage with the american public. remember, a key element of the strategy that he's had ever since september of 2011 when the grand bargain talks broke out -- broke down and post-election he's made clear this is going to remain an element of his strategy, is campaigning with the public. he made that trip to pennsylvania last week. he's trying to use the public, which polls show agrees with him on some of the key questions like top rate, to put pressure on the congress to move. we'll see how effective that can be. certainly it hasn't been effecti effective heretofore but it is possible it could and the president believes having won the election he's on the high side. >> 2:00 on twitter. john, thanks very much. >>> one of the overhangs for the fiscal cliff for investors is what will happen on dividend tax rates. more and more corporations aren't waiting to find out exactly what happens with more than $22.5 billion worth of s
to stand against the tax increase. we are 30 days from going over the fiscal cliff . both sides are pointing fingers and blaming each one for the stalemate. but the real losers is you and me, the american taxpayer if the taxpayers can't come to a compromise. steve has more on the part of the grid lock. >> hi, uma. one month away from the critical deadline and there appears to be very little movement to a deal. the president is using the bully pulpit and appeal to the american people and pushing to extend the bush era tax cuts but those making $250,000. a year. democrats want high tax rates for the wealthy. the president stressed the urgency of the situation in the radio address. >> if congress does nothing. every family will see the income taxes go up in the beginning of next year. a family of four will see income taxes rise $2200. we can't let that happen. our families can't afford it and neither can our economy. >> but republicans say the president should quit his campaign mode and come home and take care of business. the latest round of political maneuvering involves pressure
the president for adopting the fox news slogan there and as we get closer to the fiscal cliff, both sides seem to be standing tough and what about the coverage, jim in. >> i think the debate overall that began with simpson bowls saying we should roughly have tax cuts, tax increases, pardon me, and spending cuts and so the media narrative is sort of, can we get simpson bowls through a recalcitrant republican congress? and what's changed though, i think it's really a role call, daniel new house and mary anne shiner, says simpson and bowls are no longer part of the discussion and it's now morphed into the tax increase and democrats lost interest in the taxing and can we put them on compromise on simpson-bowles and i think so far, the media with exception of a few reporters haven't caught on, but we see charles krauthammer, andrea tantaros, watch out. you're being snookered. >> and pushing republicans towards tax increases and john boehner said we're up for revenue-- >> as several have pointed out the democrats won the election and that means that there are consequences and financial consequences
. >>> welcome back. what has the fiscal cliff done to america's attitude about investing? steve liesman is here with the results of our all-american economic survey. >> thanks very much. our cnbc all-american economics survey for december looking at people's attitudes toward the stock market and debt. first, let's look at equity. what we find is the stock market in the minds of americans mired in the mud. is this a good time or bad time to invest? when it comes to the average, we're right at the average for the negativity on the market. how about when it comes to good time to invest? relative to the average, a little bit less optimism than normal. we've been doing this for about five years. how about uncertainty in the market? pretty high.uncertainty pretty . optimism low. pessimism about where it normally is. we want to bear in on the financial league. just a slightly different look. we'll look at the average versus right now. when it comes to a bad time or a good time, 55% on average say it's a good time. 34%, bad time. how about the last quarter? september, a little bit less optimism. how ab
because of the impasse and also the fact that the consequences of the fiscal cliff, these spending cuts and these tax -- pardon me the spending cuts and the tax increases that kick in here at the end of the year, the consequences are very dire and following the election the white house and democrats think that they can really push republicans into a corner here. >> brianna keilar for us. thank you. just ahead we're going to be talking with connecticut senator richard blumenthal will join us to talk a little bit about the democrats' responsibility about this impending fiscal cliff. another story we're following, friends and family of kansas city chiefs jovan belcher looking for answers this morning after he killed his girlfriend and then took his own life. his team took to the field just a day after the tragedy. it was i guess kind of a somber victory. they beat the carolina panthers 27-21. just their second game of the season. saturday morning belcher shot his 22-year-old girlfriend kasandra perkins and then turned the gun on himself outside the practice facility. he and perkins leave b
've got a fiscal cliff now. we have the fiscal abyss next year. we need to say, don't come home. no deal, no break. members should be in washington at least five days a week like every other american and not leave until they deal with the fiscal cliff this year or until we get a grand bargain next year. they would pull off seven times more days -- >> david faber tweeted this morning that they should be locked in a room and forced to listen to the animal orchestra until they have a deal. >> david faber's hair. >> you put them in a room. you tell them they're going to sit there until the deal is done. day three, no more food. day five, no water. day seven, the waterboarding begins. that would get it done. >> and the president should be there, too. >> the president does work five days a week. >> but not in the same room. but he is home. he's already home. >> but listen, they spend too much time raising money. if they did a good job, they wouldn't have to raise as many money. if they got paid for performance, they wouldn't have any money. >> are you going to run for linda mcmahon's seat? >>
should come sooner rather than later because just the threat of the fiscal cliff is already hurting our economy. now listen, i believe that raising tax rates hurts our economy, hurts the prospects for more jobs in our country. and i realize the president may disagree, but the fact is if there's another way to get revenue from upper income americans that doesn't hurt our economy, then why wouldn't we consider it? >> what if we go over the cliff. doesn't the president hold all the cards then? can't he say, all right, everybody taxes have increased. i'm offering 98% a tax cut of $2,000 a year. you are the party of lower taxes. are you going to refuse to cut people's tacks? >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> so you have been around this town a long time, you have been in a lot of negotiations, what is there game? what is their thinking as to how they are going to work their wil
prepared to go over the fiscal cliff? >> oh, absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans -- remember, it's only 2%. the size of the problem in some sense is so large, it can't be solved without rates going up as part of that. again, i think there's broad recognition of that reality now. >> one fallback option republicans are reportedly considering is to accept tax cuts for the middle class, allow rates to go up for the wealthiest, and then start the fight over again during debt limit talks early next year. yesterday at a business roundtable of ceos, president obama took a hard line, warning his opponents not to consider this strategy. >> if congress in any way suggests that they're going to tie negotiations to dell creting votes and take us to the brink of default once again as part of a budget negotiation, which, by the way, we have never done in our history until we did it last year, i will not play that game. >> well, i wonder, the president's saying, steve, that, you know what, we can
they do. that's political environment. they might as well embrace the fiscal cliff. >> you heard peter difazio saying earlier in the program, democrat, go off the cliff, there is no cliff. no problem. >> folks on both sides. look, there's not a clip there and they're going to play chicken and go off. >> and then you're road kill at the bottom. >> that's exactly right. most folks are saying since the economy's improving, congress, don't screw it up and you get some folks on the far left and far right, there's no cliff, don't worry about this. we're after the election, this isn't an id logical debating society. this is about getting something done. let's work on a short-term deal. >> the deal that's there, we're in this situation because congress came up with what they're calling the fiscal cliff now and they're calling it the fiscal cliff because they don't want to e embrace either the tax increases or spending cuts and i think it's foolish to think this congress can come up with a better deal. >> you know what's interesting, to eric's point, there is a great irony in this that the demo
analysis, a, most americans don't understand what the fiscal cliff is or the impact that it could bring or do you think it's because they believe that ultimately we will get a deal by december 31st? >> well, as you say, it's a bit of a mystery why confidence is so high. it may have something to do with the housing market and house prices being up around most of the country. that probably does help confidence some. i expect as you point out that most people probably don't have on their radar how large a tax hit we could have early next year if the fiscal cliff actually materializes. so it is a mystery. it does seem like right now consumers aren't too worried about the fiscal cliff. >> at what point do you get concerned? it sounds like perhaps a risk of revisions to q-4 estimates to the downside at this point because as the negotiations grind on and we approach year end, it might reach more of the forefront of consumers' mind and they may pull back. are you concerned about that impact? >> i am. right now we only have october data in hand. and fiscal cliff fears really accelerated in novem
the state of kentucky. senator paul, welcome, as always. i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong. >> there are some people saying we need a deal to avoid a huge tax increase but year end that would throw us into recession. just a thought, would you compromise in terms of let's say a smaller tax rate increase -- let's say the top rate goes to 37% instead of 40%, maybe the threshold goads es to $500,000 $750,000 rather than $250,000? does that interest you? >> no. but what about means testing for entitlement. why don't we say the rich get less social security and they pay more for their medicare? it meets the president's animus that we must get more mone
with sitting in a room. >> as i mentioned, the american people want the people they elected to sit down together, work it out. a new gallup poll shows 62% want government leaders to compromise on the fiscal cliff. just 25% said they should stick to their principles. so why is it that this congress and this white house can't seem to get together and compromise on a deal? it certainly isn't the first time republicans and democrats haven't seen eye-to-eye on an important issue but the players in this debate seem to be almost allergic to budging even a little bit. republican senator john mccain says it hasn't always been that way and it's time for both sides to sit down together. >> it's time now to sit across the table from one another rather than me saying what i could accept and wouldn't accept, why don't we have the president and our leaders, republican and democrat, sit across the table the way they did with bill clinton, the way they did with ronald reagan, and the way you get things done in washington, rather than saying hey, would you stick with grover norquist or would you not or w
't push the country over a fiscal cliff we're likely headed for more economic growth. right? one of the best economic forecasters around says not only is the u.s. economy headed for a recession with or without the fiscal cliff, he says we're already in one. listen to what the person of the cycle research institute told me today. >> the recession has started. we are a few months in to it. and i think if you wanted to argue against me, i would point to jobs, jobs are still growing but looking at the last seven recessions in three of them, jobs continued to grow in to the recession. >> his group bases this on four economic indicators. let me show you. industrial production, that's all the stuff, top left, all the stuff made in the u.s. personal income, you know what that is, sales and employment. look at those lines. based on official government data this year they show a drop off in three of the four indicators starting in july. only employment is steady. that's july. that means we're in a recession right now. may sound obvious to some of you or ridiculous to others but when it com
, he's not particularly interested in avoiding the fiscal cliff, and he's clearly not interested at all in cutting any spending. >> reporter: while democrats and republicans debate the size and specifics on tax increases, the two sides also remain apart on spending cuts, reforming entitlement programs like medicare and on the president's request to have greater power to raise the country's debt limit. but the news coming out of this one, "wall street journal" headlines saying that staff members from the president's team and from speaker boehner's team are genre assuming talks. we confirmed as of a couple of hours hag that that wasn't the case, so we're going to check on that right now. david: what they're talking about, we don't know. liz: maybe not dead in the water. david: thank you, rich, appreciate it. liz: we've got good news for all of you last minute shoppers out there coming up in the speed read. david: and up next, first on fox business, tom kloet, ceo of tmx group, a parent of the toronto stock exchange, on the impact of all these regulations coming out of our country. how wil
. that will be forthcoming. that is breaking. this is ongoing. there will be a fiscal cliff so don't worry about anything. that is what bill clinton is saying. he told an audience in sacramento that all the warnings of bloom and doom are political theater. quote now, the american people people are going to be sick when they watch it. it's just a kabuki dance, two dogs meating each other over a piece of meat they are sniffing each other out, end quote. always colorful. is that what is going on? >> reporter: there's been a lot of sniffing here in washington. i don't know if they like what they are spelling down here on either side on the deal. yeah, people have been describing it like that, some people said it's like a scorpian dance, you know, they are kind of stalking each other and waiting to get in that room and make the deal. erskine bowles said something similar that, both sides can't really talk about what it's going to be, because they would get pummeled by the base if either side really knew what they are going to in the end agree to. that is the hopeful optimistic side that a deal will be reached
. >> financial advisers. >> you really want the fiscal cliff to be settled. i mean, this would be awful for you and your firm and for a lot of americans, too. be for financial advisers to have people paralyzed again. it would be the worst case scenario. >> one of the things i said at the investor conference was that we feel like we can grow our business even if the market backdrop remains cautious, which is how it's been now for transactional activity has been lighter. >> a percentage of assets. >> that's a big part of our growth story. we call it our managed accounts platform. we have $556 billion in managed accounts at morgan stanley wealth management. that's one of our two major growth areas. the second being the lending business, which you talked about earlier. we've been working the last couple years to build our out banking and lending business. our peers are bigger in that. but as we get more and more of our financial advisers to lend with their clients, we have significant growth there. >> plus you get assets back from citi, too, right? >> we now have an agreement in place where we can
-called fiscal cliff is a solvable problem. critical as the holidays approach and businesses make investment and hiring decisions for next year. while polls show many americans are pessimistic, there's optimism in this home. >> i got a sense that he's confident that what's best for the american people will happen. >> yeah. >> reporter: you agree? >> yes. >> i do too. >> reporter: but for now, the gop's resisting any tax increases even on those upper income americans. house republicans of course have made the counteroffer with $800 billion in new revenue and an overhaul of the tax code. wolf, they feel as if they have moved the ball, but they don't believe that the president is interested in avoiding the fiscal cliff. >> these negotiations, dan, they usually go until the bitter, bitter end. a lot of folks are assuming that before that end there will be a deal. give us a flavor of the mood at the white house. >> reporter: well, i think they're preparing for this fiscal cliff scenario to play out, wolf. but as you point out when we look back over the last three years, we've had these kinds of n
%, is this really a fiscal cliff issue, or are there bigger challenges, competition, your incredibly high cost structure? >> if you're looking at the competitive question, look at the results we just reported again, reported over $62 million americans listen to pandora just in november for the first time, we represented over 7% share of all radio listening in this country. clearly the american embrace of pandora personalized radio continues at an extraordinary pace, so i think we did reduce guidance. i think it's prudent because of the unique situation we have we're sensitive to the mix add in january as opposed to february and march. >> but many analysts would say user costs are prohibitively high. more than half of your revenue goes toward the licensing fees. what would you do if legislation to lower these costs is not passed? >> whether legislation is passed or not, we believe the rates we pay are unfairly high, and we will participate in an arbitration that begins in 2014 to set the rates for 2016 through 2020. we are already preparing for that and we very much look forward to making our c
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